Which of the following statements about turnover tax is incorrect? a. Taxable turnover includes cash receipts not of a capital nature from carrying on business activities in the Republic of South Africa. b. A company and a close corporation is disqualified as a micro business if the year of assessment ends on a date other than the last day of February. c. Qualifying turnover only refers to receipts and not to amounts accrued. d. Any natural person, company, trust or close corporation with a qualifying turnover of less than R1 million may elect to be taxed on the turnover tax system.
Added by Patricia M.
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a. **Taxable turnover includes cash receipts not of a capital nature from carrying on business activities in the Republic of South Africa.** - This statement is correct. Taxable turnover typically includes all receipts from business activities, excluding those Show more…
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